Using an online estate agent

moneysavermummy2014

We're considering using an online agent to sell our home; we are in a very quick moving area (at the moment anyway!!) and there is demand for the type of property we currently have, and we're currently looking at EA fees of circa 10k if we go with our local high street agents, just on a sole representative basis...... We are happy to do viewings ourselves and host open days etc, but are there any frightening reasons we should avoid trying this ourselves via an online agent which will list on Rm/PL/Zoopla etc.?

Is there any merit to the suggestion the high street EA would get us a better price, or at least, better enough to warrant a £10k fee? I'm not sure there is?

Thanks in advance x

Malmo

I believe this topic has been covered many times on this board.

http://lmgtfy.com/?q=site%3Aforums.moneysavingexpert.com+online+OR+DIY+estate

Surrey_EA

I'll declare my bias early on!! - I'm a "traditional EA"

At that level of cost I assume we're talking about a property worth £750k - £1m? I believe that it is possible for a decent EA to be capable of obtaining a sale price at a higher level than an online only EA, and therefore whilst they may cost more they should be able to sell your home for more.

I also believe that finding a buyer is only part of the EAs job, in fact I often consider it to be the easy bit. Navigating a successful path from offer acceptance to exchange is not always easy, and a good EA can really earn their money here.

I of course understand how tempting a saving of several thousand pounds is, and in a fast moving market with a very saleable house that temptation is ever stronger.

moneysavermummy2014

Thank you Though now I am doubting our commission quotes!! Prices quotes have been circa 2% for a £500k ish property......

moneysavermummy2014

Malmo wrote: »

I believe this topic has been covered many times on this board.

http://lmgtfy.com/?q=site%3Aforums.moneysavingexpert.com+online+OR+DIY+estate

Thanks, although I can't seem to get that link to work. Thanks though.

Malmo

moneysavermummy2014 wrote: »

Thanks, although I can't seem to get that link to work. Thanks though.

Try this link

MrsFingersCrossed

I answered this on another thread, but here it is again:


We thought long and hard about going with online estate agent and decided against it for one main reason.

A local estate agent can say to people viewing other houses locally, well that one wasn't for you but you really should go and have a look at this one. That is how we bought our house years ago - we fell in love with next door. It went to someone else and the agent steered us to this one, which was hideous from the outside (lovely now...) and yet we had totally dismissed it. But when we saw it, we saw its potential - much bigger garden than the one next door, already extended so much bigger, all in all a much better buy, and we had dismissed it because it looked ugly from the front. A few changes to porch and windows etc, and it looks delightful. And we'd have had to extend next door so it would have cost us more.

An online agent isn't in a position to steer to your house buyers who are looking at other houses locally. I think that's their biggest downfall.


Also, we are paying 1% high street estate agents fees, in a sought after village near a sought after town near Reading. I don't think you should have to pay more than that. They have to be competitive there are so many agents fighting for very few houses round our way.

moneysavermummy2014

MrsFingersCrossed wrote: »

I answered this on another thread, but here it is again:


We thought long and hard about going with online estate agent and decided against it for one main reason.

A local estate agent can say to people viewing other houses locally, well that one wasn't for you but you really should go and have a look at this one. That is how we bought our house years ago - we fell in love with next door. It went to someone else and the agent steered us to this one, which was hideous from the outside (lovely now...) and yet we had totally dismissed it. But when we saw it, we saw its potential - much bigger garden than the one next door, already extended so much bigger, all in all a much better buy, and we had dismissed it because it looked ugly from the front. A few changes to porch and windows etc, and it looks delightful. And we'd have had to extend next door so it would have cost us more.

An online agent isn't in a position to steer to your house buyers who are looking at other houses locally. I think that's their biggest downfall.


Also, we are paying 1% high street estate agents fees, in a sought after village near a sought after town near Reading. I don't think you should have to pay more than that. They have to be competitive there are so many agents fighting for very few houses round our way.

Oh wow - 1% - seems I need to get negotiating then.....thanks for your advice too. That makes a lot of sense. I'm also very tempted by the idea that they will have a 'book' of existing enquirers (perhaps I have too much faith in the sales pitches!) but I do think they will have contacts of families looking for just the type of thing we have to offer...... thanks x

Rosetinted

2% is steep! You should definitely try to haggle them down to a more reasonable fee (closer to the 1% mark). EA fees are nearly always negotiable, especially if you're willing to offer sole agency. It doesn't sound like you need to fork out for more than one EA if houses similar to yours are moving quickly and you're not pricing unreasonably.

As for online EAs, I have no experience with them, but as a buyer I'd be delighted not to deal with high street EAs (bad experiences as of late - I know some of them really do earn their money).

moneysavermummy2014

Malmo wrote: »

Try this link

Fab - thanks - I'll get the kettle on and get reading!

Surrey_EA

moneysavermummy2014 wrote: »

Thank you Though now I am doubting our commission quotes!! Prices quotes have been circa 2% for a £500k ish property......

2% was more normal fee level many years ago, when house prices were lower, but those days are long gone. Circa 1% is the going rate these days.